Nah, Eurovision is great. On one level, it is a celebration of some notional 'European' identity. On another, it promotes a sort of levelling out of musical tastes, yes, it is cheesy, but that seems to be the point.
And yes, it is easy to be dismissive of the setting, competition itself, and the music (of course, the music), but to newly emerging states especially, success in the Eurovision means something, usually another step on the road to respectability, recognition, and acceptance on the European stage. It allows them to define themselves as 'european' (even though, sometimes, that means stretching what is understood geographically to mean 'Europe' more than a bit).
Most importantly, it gives newly independent countries, countries unsure of themselves, or what they stand for, a platform, and, in a number of cases, has served as a sort of carrot or beacon on the uneven path to establishing some sort of democracy (here, I'm thinking of the Serb victory a few years ago).
Seriously, though, anyone who has witnessed the ecstatic - and, at times, touching delight of 'new' countries when they win the contest for the first time, will soon discard their jaded palate and allow the 'new' countries their moment in the sun.
Mobile phone voting has transformed the contest, as the computer literate eastern Europeans vote in vast numbers, while we, complacent an occasionally condescending sods that we are, are content to sit on our sofas, drinking our beers, and criticising the songs while lamenting that fact that Terry Wogan no longer does the commentary.
I missed it this year, as I am away, but was commiserated with by grinning colleagues. Never mind. There is always next year, and well done Denmark.